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Forex News: Indian Rupee Falls Against U.S. Dollar After RBI

Indian Rupee Falls Against U.S. Dollar After RBI Rate Announcement

04/05/2018 - 06:04:00 (RTTNews)

(RTTNews) - The Indian rupee declined against the U.S. dollar in evening deals on Thursday, after the Reserve Bank of India kept its key interest rates unchanged for the fourth straight meeting.

At the first bi-monthly monetary policy session, the Monetary Policy Committee of the Reserve Bank of India decided to hold the repo rate at 6.00 percent, the lowest since 2010.

The reverse repo rate was retained at 5.75 percent. The bank had lowered the rates by 25 basis points at its meeting in August 2017.

The rupee that closed Wednesday's trading at 65.02 against the greenback declined to 65.21. If the rupee falls further, 67.00 is seen as its next support level.

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